[jonasdatum]

Tech Support Guy > Forums > Community > Random Discussion > Money saving tips

PayDay / Pay Day Loans, not a good idea.

Payday Loans Under Fire, Despite Changes
AP Centerpiece: Payday Industry Puts Forward Changes; Consumer Advocates Wary
By SUSANNE M. SCHAFER Associated Press Writer
The Associated Press
COLUMBIA, S.C. - Mar 5, 2007 (AP)—
http://abcnews.go.com/Business/wireS...&Business=true

Wikipedia -
http://en.wikipedia.org/wiki/Payday_loan
---------------------------

The above was my initial post on another thread, but decided to post it here as well because a loan is an investment - a foolish one!

Here is another Washington Journal 3/24/2007 -

Mike Calhoun, Center for Responsible Lending, & Lyndsey Medsker, Community Financial Services Assn.
Mike Calhoun, Center for Responsible Lending, President & Lyndsey Medsker, Community Financial Services Assn., Spokesperson, discusses the practice of “payday loans”, in which consumers are offered short-term loans which have the potential for high interest and fees.
3/24/2007: WASHINGTON, DC: 31 min.

I listen to this segment of Washington Journal and my conclusion is that his is a legal form of loan-sharking. I'll paraphrase what Mr.Calhoun said "if I get a loan equal to my paycheck and have no savyings, I can't pay my living epxenses. These borrowers are subject to back to back lending." You know the old saying "a sucker's born every minute."

Ms. Medsker is out of it to be polite. She argues that these loans are beneficial; if you have the capacity to pay them off and not borrow again then sure. However these loans are designed to exploit the weak.

Good Invesment Tip: Get a good job/career, make a load of money, don't become poor!

Links from www.c-span.org video data above:
http://www.responsiblelending.org/
http://www.cfsa.net/

[jonasdatum]

www.c-span.org

Gray Shilling, Economist
Economist Gray Shilling discusses his recent analysis on the number of Americans who receive a significant amount of their income from the federal government. Mr. Shilling looks at federal employees and their dependents, those who receive pensions, food stamp and welfare recipients.
4/23/2007: WASHINGTON, DC: 52 min.

Morning Panel at American Bankruptcy Institute's 25th Annual Spring Meeting
Sen. Dick Durbin (D-IL), chairman of the Sen. Appropriations Financial Services Subcmte., discusses the New Congress and Bankuptcy issues. He joins other panelists representing the financial industry and consumer groups during this event at the American Bankruptcy Institute's 25th Annual Spring Meeting.
4/13/2007: WASHINGTON, DC:

[lotuseclat79]

Hi jonasdatum,

I haven't read all the posts, but if anyone hasn't yet mentioned about index funds being a good investment, the Dow Jones just went over 13,000 yesterday for the first time, and if you were in on a DJ index fund earlier - say even at 11,000, it was possible that yesterday was a very big day!

-- Tom

[jonasdatum]

Originally Posted by lotuseclat79

Hi jonasdatum,

I haven't read all the posts, but if anyone hasn't yet mentioned about index funds being a good investment, the Dow Jones just went over 13,000 yesterday for the first time, and if you were in on a DJ index fund earlier - say even at 11,000, it was possible that yesterday was a very big day!

-- Tom

I have some ETFs invested in it. However, I cashed in my mutual fund about a month ago. Thanks, hope you contribute more.

[jonasdatum]

I am happy to report that my www.sharebuilder.com account has increased about .5% from total this week.

[jonasdatum]

Originally Posted by lotuseclat79

Hi jonasdatum,

I haven't read all the posts, but if anyone hasn't yet mentioned about index funds being a good investment, the Dow Jones just went over 13,000 yesterday for the first time, and if you were in on a DJ index fund earlier - say even at 11,000, it was possible that yesterday was a very big day!

-- Tom

I have ETFs in S&P 500. I am looking for more in the Nasdaq and DOW JONES, but I haven't found many on ShareBuilder. If you could compile a list of your unique selections (etfs, index, mutual, stocks, etc.) would prove most insightful.

Do you have any suggestions for medical supplies, weapons, candy, fast foods, etc?

Thanks for contributing.

[jonasdatum]

"Wow my www.sharebuilder.com account went up about $15!" The shares in my now closed ING fund are now up almost $4. Dudes come on spread the data, help your fellow man.

[jonasdatum]

www.c-span.org

Sheila Bair, Federal Deposit Insurance Corporation, Chairman
Sheila Bair, Federal Deposit Insurance Corporation, Chairman, discusses the federal government’s role in oversight of the subprime mortgage market.
6/2/2007: WASHINGTON, DC: 43 min.

Most people figure their mortage into there invesment plans. Also, many use their home as the "corner stone" of thier investment plans. After watching this, do you agree that it should be the corner stone? I think you should consider it, but like the pention plans of old, don't wrap your life around it.

One caller started blaming credit cards, here we go again. Here are some harsh but sound investment rules:

Don't have kids you can't afford.

Avoid activities that cause you to reproduce.

Don't buy stuff you don't need and can't afford.

If you plan on borrowing money for college, think about the long term as to how to pay it back.

If you have a good income and use your credit card frequently, overpay the bill! Try to use cards that afford you cash back rewards, discounts on purchases, bills, etc. For example I believe www.citi.com has a card that contributes to your mortage.

Mortages are very dangerous. However if use properly with a broad outlook, you can secure yourself and your home.

If you have enough space try to sublet your home!

If you have knowledge that can earn income do it. For example, I bet many of the site subscribers have a large intrest in cars. Why not goto an auto action and buy a car or two, stick them in your yard, and sell them - seriously. A hobby is always a sound investment. Even video game playing. If you "think" you're really good enough at a game there are always tournaments going on. Some may not have cash prizes, but you can always sell that new computer or $xxx in gift cards.

[jonasdatum]

Glad to say my Sharebuilder.com portfolio has gone up back from a slight decline. My question is does anybody have a good list of ETFs, Funds (please provide symbol), Stocks invovling food such as corn, organges, etc? I believe they are refered to as commodities.

Anybody?

[Stoner]

Just out of interest........as the corn belt seems to be experiencing the beginnings of a drought at a time when the usage of corn generated alcohol for alternative fuel is competing with the dinner table, it might be interesting to chart the price/ profit of the corn crop both now and historically.
Might be some profit potential there as an investor..................personally, I don't invest in commodities.

[jonasdatum]

Hello, I am currently investing in some gaming consoles and possible assessories for resale. I've been paying much attention to the sites market. The consoles are being sold used, and I believe they may work withing their descriptions.

One of the key selling points of successful auctioning of the consoles is bundling. However, I've calculated a pretty slim profit margin. Thus bundling would not serve my purposes unless I buy the accessories at a discount.

Any comments or suggests would be greatly appreciated.

[jonasdatum]

www.c-span.org

House Financial Services Subcmte. Hearing on Flood Insurance
The House Financial Services holds a subcommittee hearing on changes to the National Flood Insurance Act of 1968. The changes would allow the national flood insurance program to make "multiperil" coverage available for damages caused by windstorms or floods. Rep. Maxine Waters (D-CA) chairs.
7/17/2007: WASHINGTON, DC: 2 hr. 55 min.

I don't mean to double post, but the proper insurance is worth the investment.

[jonasdatum]

Originally Posted by jonasdatum

Hello, I am currently investing in some gaming consoles and possible assessories for resale. I've been paying much attention to the sites market. The consoles are being sold used, and I believe they may work withing their descriptions.

One of the key selling points of successful auctioning of the consoles is bundling. However, I've calculated a pretty slim profit margin. Thus bundling would not serve my purposes unless I buy the accessories at a discount.

Any comments or suggests would be greatly appreciated.

It is hard to win an auction for a console. So I have decided to stop trying. Everybody is using bots or the seller is using alturnate accouts to jack up the price.

[jonasdatum]

My stock picks...

American Express
http://en.wikipedia.org/wiki/Americanexpress
- They're over one hundred and fifty years old, need I say more?

MasterCard
http://en.wikipedia.org/wiki/MasterCard

Solid companies that will exist for a long while. Anybody else have some good stocks?

[jonasdatum]

Originally Posted by jonasdatum

My stock picks...

American Express
http://en.wikipedia.org/wiki/Americanexpress
- They're over one hundred and fifty years old, need I say more?

MasterCard
http://en.wikipedia.org/wiki/MasterCard

Solid companies that will exist for a long while. Anybody else have some good stocks?

I should have spent the extra $15 each and brough full shares of AmEx (axp) and MasterCard (ma). They both went way up . Anybody else have some hot stocks?